President Biden’s favored economic forecaster, Moody’s Analytics, continues to downgrade its economic expectations for this Administration.

This has been part of a trend of economic experts—23 economic forecasting organizations so far—dumbing down expectations for key economic indicators.

But while President Biden claims victory over lowered expectations, working families’ paychecks are falling further behind.

In the first six months of this presidency, the Biden Administration added 1,400,000 fewer jobs than President Trump did in the last six months of 2020. And we are still roughly 6.7 million jobs below the 2020 peak.

KEY TAKEAWAYS:

On economic growth:

• Before the last GDP report, 23 out of 77 forecasters–more than one out of every four–including JP Morgan, Goldman Sachs, and Grant Thornton, downgraded their GDP forecast.

On jobs:

• President Biden pitched to Congress his $1.9 trillion “stimulus” package with job creation estimates based on Moody’s Analytics.
• After the President fell more than 500K jobs below Moody’s April forecast in Q2, Moody’s downgraded their jobs forecast in July.